Filing taxes in a pandemic: Here's how stimulus, working from home affects you
This tax filing season is poised to be more confusing and chaotic than normal, with tax professionals predicting that Covid-19 relief measures will trigger surprise tax bills and costly filing mistakes. The pandemic has also spurred millions of Americans to relocate in search of cheaper digs, smaller crowds, or even a bit of adventure. So what does this means for how you file your taxes?
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How Do Stimulus Checks Factor In?
In the rush to get those payments out, the IRS relied on data it already had to determine who was eligible. That means some people didn’t receive the full amount they were owed, while others didn’t get a check at all. This filing season offers a chance to rectify that situation.
When should you file your taxes?
Many taxpayers file their tax returns as soon as possible to get a quick refund, but this season it may pay to procrastinate.
what if you worked from home, but in a different state?
The pandemic has spurred millions of Americans to do the same and temporarily relocate in search of cheaper digs, smaller crowds, or even a bit of adventure. But freedom has its price: employees in most cases have been left on their own to determine what they owe states this tax season.
